Wall Street's in for a messy month.
President Trump's giant tax overhaul is scrambling the end-of-year earnings at the biggest U.S. banks, causing huge swings in profit for what would have otherwise been a muted quarter.
JPMorgan Chase, the largest bank in the USA, reported a big drop in profit on Friday for its fourth quarter - thanks largely to changes in the tax law and a major loan gone bust. Such charges could reduce the earnings the bank reports, although investors are likely to look to the core operating results since these hits will be one-time in nature.... His bank's fourth-quarter profit dropped by 40% because, unlike some other banks already enjoying the undeserved fruits of their lobbyists' labors, JPMorgan has to spend a little money to make a whole lot of money this year.
Man Fatally Shoots His Mother After Broken Video Game Headset Dispute
He blamed his mother for this, police said, and threatened to kill her and his father, identified by Fox 40 as Loren Nicolson. Officers found Nicholson's 68-year-old mother, Lydia Nicholson, inside with a head wound.
Earnings Per Share, after the charge, came in at an adjusted $1.76 vs. $1.69 expected by experts.
Even without the tax hit, it was a generally lackluster quarter for the bank, analysts said.
JP Morgan expects its fiscal year 2018 effective tax rate to be around 19%, given the TCJA´s provision to cut the top rate of United States corporate tax from 35% to 21%, creating a positive tailwind in the quarters ahead.
Warning over alarming 'Tide Pod Challenge' detergent eating YouTube trend
Possible side effects of eating these pods include choking, trouble breathing and coma, Poison Control reported. The pod form of the product is focus of a new social media challenge. "Use Tide pods for washing".
The bank also took a $143 million hit from a busted loan to Steinhoff International, a South African retailer that owns the U.S. company Mattress Firm.
Marianne Lake, the bank's CFO, called the hit the "transaction impact" of tax reform during a call with journalists on Friday morning.
Not every bank, of course, will benefit to the same extent from the tax overhaul. The bill essentially cut those liabilities down. Wells set aside $3.25 billion in legal costs relating to litigation and investigations - and doesn't see an end in sight.
Five still missing after deadly floods sweep through California community
DeGeneres said on her talk show on Thursday that the picturesque town of 9,000 is a "tight-knit" community. As of Thursday, January 11, it's been confirmed that 17 people are dead and 8 more are missing .
Well Fargo shares dipped 46 cents, to $62.55.